AXA Invests $84 Million in Africa Internet Group, Taking 8% Stake

E-commerce firm Africa Internet Group and French insurer AXA said on Monday they had formed a partnership in which AXA will be the exclusive provider of insurance to AIG and invest 75 million euros ($84 million) to take a roughly 8 percent stake in it.

AXA will provide insurance products and services through AIG’s Jumia unit and other AIG online and mobile phone-based businesses across Africa, the companies said in a statement.

Jumia, Africa Internet’s main operating business, is active in 11 countries across Africa and works with a network of e-commerce companies ranging from food delivery to online taxis, fashion and job search sites that works in 23 African markets.

The French insurer joins existing shareholders MTN Group of South Africa, Germany’s Rocket Internet and Luxembourg-based Millicom. The transaction is expected to close in the first quarter of this year.

($1 = 0.8969 euros) (Reporting By Eric Auchard; editing by Christoph Steitz)